Overseas investment decision for case 200720059 - Rolchim Family Trust

1. 0.502 hectares situated at Lot 12, Closeburn Station, Glenorchy Road, Queenstown being CT 13467 (Otago Registry); and
2. 37.136 hectares (being a one-twenty-seventh interest in 1,002.678 hectares) situated at Lot 12, Closeburn Station, Glenorchy Road, Queenstown being CT 13467 (Otago Registry).

1. an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area; and
2. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins any scientific, scenic, historic, or nature reserve under the Reserves Act 1977 that is administered by the Department of Conservation and that exceeds 0.4 hectares in area; and
3. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land held for conservation purposes under the Conservation Act 1987 (if that conservation land exceeds 0.4 hectares in area); and
4. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that exceeds 0.4 hectares that is a recreation reserve, that adjoins the sea or a lake.

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

The Applicant proposes to acquire a lifestyle lot comprising 0.5020 square metres and a 1/27 interest in 1,002.678 hectares of farmland in the rural residential subdivision development of Closeburn Station. The directors and shareholders of the trustee of the Applicant, Mr and Mrs Hector, intend to use the lifestyle lot as a base from which other investments may be made in New Zealand. The farmland at Closeburn Station is farmed by Closeburn Station Management Limited, the shares of which are held by all of the Closeburn Station lot owners. The Applicant will acquire one share in Closeburn Station Management Limited under the purchase.

The proposal is likely to result in a continuation of the benefits resulting from the overall development at Closeburn Station. These benefits include:

1. the creation of new employment opportunities;
2. the introduction of additional investment for development purposes; and
3. increased productivity.